With Chromecast, a user must download a set-up app for PCs or Macs, which connects it to a Wi-Fi network. The device then streams media from the Internet, not from your mobile device. With Roku's Streaming Stick, you're essentially getting Roku's set-top box in a smaller form factor; content streams from it.

Google's Chromecast streaming media player.

The latest Roku Streaming Stick is similar in size to Chromecast, measuring 0.5-in. x-1.1-in. x 3.1 in., and offers the same number of TV channels -- 1,200 in U.S., 750 in Canada and the U.K. -- as its predecessor, which was launched in 2012. Like the older model, it also offers access to 31,000 movies.

Roku's new stick comes with apps for Android and iOS devices, meaning it can be used with smartphones or tablets.

Like Roku's set-top boxes, the new stick can be controlled either with the supplied remote control or the mobile app. Roku has also upgraded the app, Roku Search, for the Streaming Stick. It now allows users to search for movies or TV shows and compare prices for the services. Once a movie or TV series appears, it will immediately begin playing.

As with the previous stick, the new one streams both 720p and 1080p high-definition content.

Like Chromecast, the Roku Streaming stick comes with both Netflix and YouTube mobile apps embedded, allowing users to cast videos from a smartphone or tablet straight to a TV. It can also stream services such as Amazon Instant, Blockbuster, HBO Go, Pandora, Hulu Plus, Showtime Anytime, Time Warner Cable, Spotify, and much more.

Gartner analyst Paul O'Donovan believes that while Roku's new Streaming stick is similar to Google's Chromecast dongle, Google has the advantage because of a wider range of applications and lower price point (Chromecast sells for $35). "But for TV watching they look very close," O'Donovan said.

The new Roku Streaming Stick is different from its predecessor in that, like Google Chromecast, it's powered by an HDTV's HDMI port (or via an included power adapter that can plug into the wall).

The old Roku Ready version used a Mobile High Definition Link (MHL)-enabled HDMI port. The new stick works with any HDMI port.

The new Roku Streaming Stick has a retail price of $49 in the U.S. and $59 in Canada. In the U.K., it will retail for 49 Euros.

The Roku Streaming Stick will be available in April. Like its predecessor, the new streaming stick can be purchased online at retail sites such as Amazon.com, BestBuy.com and Staples.com as well as on Roku's own website.

Roku also plans to add additional mobile features such as the ability to stream content from a computer to a TV.